Cost of Living in Ibiza: 2024 Expat Budget List (Rent, Transportation, Finances)

Cost to live in Ibiza can be quite expensive as it’s a  hot touristy spot. But if you are thinking about moving there, you are surely in for a quality life style. Table of Contents Show 1 Housing Expense: Buying & Rent Per Month 1.1 Buying Properties: Prices Per SqMeter of the Zones in Ibiza…

Cost of Living in Ibiza: [year] Expat Budget List (Rent, Transportation, Finances)

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Cost to live in Ibiza can be quite expensive as it’s a  hot touristy spot. But if you are thinking about moving there, you are surely in for a quality life style.

The average cost of living in Ibiza 2024 is €2599 – that includes a place to live, getting around, and buying food, childcare and personal services.

But you can save money by staying at apartment outside the Ibiza city and by shopping at local markets instead. Overall, expat who enjoy being active and like warm weather, living in Ibiza will be wonderful experience.

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If you’re looking to move to Ibiza, it’s time you research on living expenses in Ibiza and how much a single person can expect to spend. There are many different types of housing options available in the city, like fancy apartments or old-fashioned houses.

You will also need to think about how much it will cost for transportation since there might be a lot of traffic when it’s busy.  In this guide we’ve broke down each and every cost of living in Ibiza, including tax plan! So read on!

Housing Expense: Buying & Rent Per Month

Buying Properties: Prices Per SqMeter of the Zones in Ibiza

Cost of living in Ibiza

In October 2023, the cost of properties for sale in Ibiza- Eivissa was most expensive in the Dalt Vila-La Marina area. They were charging €7,055 for every square meter.

On the other hand, the cheapest prices were found in the Ses Figueretes-Platja d’en Bossa-Cas Serres region. The average cost there was €5,196 per square meter.

Tax For Resale property  

If you buy a villa or apartment that has been previously occupied, you will need to pay a transfer tax called ITP. The amount of tax you have to pay depends on the purchase price. Here’s how it’s calculated:

Tax For New Construction

If you buy a brand new property in Ibiza directly from a developer and they provide you with a newly issued ownership document, you will have to pay 10% sales tax instead of transfer tax. Once the property is completed, it needs to be officially registered, and an additional 1.5% tax is required at that time.

Renting Properties: Prices Per Square Meter of the Zones in Ibiza

In October 2023, the average monthly rental price for apartment in the city center can cost a lot – Eivissa municipality was €22.09 per square meter. This was an increase of 18.89% compared to October 2022 when it was €18.58 per square meter. The highest average price over the past two years was in September 2023 at €26.35 per square meter, while the lowest asking price was in December 2022 at €17.17 per month per square meter.

Monthly Rent in Ibiza

Transportation Costs

Transportation  in ibiza

Public Transportation

During the summer months, there are more buses available in the town of Ibiza. There are 34 bus lines that operate from the main towns: Ibiza Town, San Antonio, and Santa Eulalia. You can find information about these lines and their stops on the Ibiza Bus website.

Bus Fares

 

Tours & Things to do hand-picked by our insiders

 

The bus fare depends on the company and the destination. Here are some prices for common journeys:

– Ibiza Town to San Antonio: €2.10 (US$2.20)
– Ibiza Town to Santa Eulalia: €1.85 (US$2)
– Ibiza Town to Las Salinas: €2 (US$2.10)
– Ibiza Town to the Airport: €3.20 (US$3.40)

Note that Ibiza does not have trains, trams, or metros. And there are fewer bus routes that run with considerably less frequency during winter months.

If you want to consider other transportation medium, you can always buy a car.  But it will be more expensive than on the mainland, especially compared to countries like the UK where cars are cheaper due to different tax laws. The average price people in Spain paid for a new vehicle in 2022 was €21,553. Also the petrol cost in Ibiza is highest in all Europe with 1 Gallon of Gasoline being 6.23€

If you mostly walk places and only sometimes need a car, you can order a taxi. However, taxis in Ibiza are very expensive. Services like Uber is not available in Ibiza.

Depending on your transportation choices including public transport, taxis, scooters or renting a car,it can cost between $70 and $1,000 (€56 to €800) per month. This allows you to explore the island’s attractions and go wherever you want.

Also read: Cost of Living In Cozumel

Food and Grocery Prices In Ibiza

Groceries in Ibiza

cost of living in ibiza

The market prices in Ibiza, Spain are generally high. This is because the island of Ibiza is popular among tourist from all over the world. The fresh food they sell there is worth paying extra for. The sea food here is top-notch. They also have lots of beautiful fruits, vegetables, and spices that taste great and look nice too. Even though grocery shopping is pricey in Spain, you will get fresh good quality items that are worth it.

List of food costs in Ibiza

Food ItemsUSD ($)EURO (€)
🫗 Water, 0.33 liter Bottle1.58$1.40€
🥛 Milk, Regular,1 liter1.47$1.30€
🍞 Loaf of Fresh White Bread, 0.5 kg0.74$0.65€
🍚 White Rice, 1 kg1.92$1.70€
🍳 Eggs, 12 pack2.97$2.63€
🧀 Local Cheese, 1 kg17.38$15.37 €
🍗 Chicken Breasts, Boneless and Skinless, 1 kg7.50$6.64 €
🥩 Beef Round or Equivalent Back Leg Red Meat, 1 kg11.73 $10.39 €
🍎 Apples, 1 kg3.03$2.68 €
🍌 Banana, 1 kg3.64$3.22 €
🍊 Oranges, 1 kg2.43$2.15€
🍅Tomato, 1 kg1.70$1.50€
🍠Potato, 1 kg2.12$1.88€
🧅Onion, 1 kg1.82$1.61€
🥬Lettuce, 1 head1.09$0.96€
💧Water, 1.5 liter Bottle1.13$1.06€
🍾Bottle of Wine, Mid-Range Price7.88$6.97 €
🍺Domestic Beer, 0.5 liter Bottle1.09$0.96 €
🍻Imported Beer, 0.33 liter Bottle1.52$1.42 €
🚭Pack of Cigarettes6.19$5.80 €

Dine Out Cost

As we all know Ibiza has reputation for  unfavorably high club entry and drinks prices. The prices of the diners, clubs and bars are focused on International Tourist. And the prices are more during high season.

During peak tourist season, a night out at a club or restaurant will likely cost you a lot of money. However during winter prices are less also you can find deals for residents or if you look really hard you might find some alternative cheaper restaurants.

MealsUSD ($)EURO (€)
🍝Meal in Inexpensive Restaurant11.52$9.79 €
🍛Meal for 2 People, Mid-range Restaurant, Three-course69.75$59.29 €
🍔McMeal at McDonalds or Alternative Combo Meal9.70$8.25 €
🍺Domestic Beer, 0.5 liter Draught2.43$2.07 €
🍻Imported Beer, 0.33 liter Bottle4.85$4.54 €
☕Cappuccino2.83$2.66 €
🥤Coca-Cola, 0.33 liter Bottle2.73$2.56 €

Utilities and Bills

If you’re planning to move to Ibiza, you might wonder how much you have to pay for utilities. The good news is that the cost of utilities like electricity, water, and gas is not very high compared to other popular places in Europe. You can expect to spend a reasonable price for these basic services.

Even though utility costs are low in Ibiza, residents here use special lightbulbs that use less energy and systems that save water because they want to protect the natural beauty of the island.

By being mindful of how much energy and water one use, the community can help take care of Ibiza and make this island more sustainable.

UtilitiesUSD ($)EURO (€)
🪟 Basic utilities for 85m2 Apartment including Electricity, Heating or Cooling, Water and Garbage 265.35$249.42€
📱 Prepaid Mobile Tariff Local, price per 1 min, No Discounts or plans0.24$0.22 €
📶 Internet, 60 Mbps or More, Unlimited Data, Cable/ADSL71.57$67.27 €

Healthcare Costs

Spain is known for its healthcare system, which is good quality and affordable. The World Health Organization ranked Spain 7th out of 191 countries in 2020. This ranking considers things like how healthy people are, the healthcare infrastructure, and the results of healthcare.

There are both public and private options for healthcare in Spain. The cost depends on what kind of coverage you want. Public healthcare is free if you are registered in the country and have a valid residency permit.

Private healthcare can cost between $50 to $100 per month. You also have to pay some money yourself when you go to the doctor or have a medical procedure done, but it’s not usually a lot – around $20 to $40.

If you want to live in Spain permanently, you need to have private health insurance that doesn’t make you pay anything towards your care for the first year.

Entertainment and Recreation Expenses

Entertainment and Recreation Expenses In Ibiza

The cost of recreation in Ibiza can vary depending on your lifestyle. Ibiza is a great place for people who like sports. There are lots of adventurous things to do like parasailing, jet skiing, and kayaking, go mountain biking to explore the beautiful landscapes of Spain.

For relaxing activities you can play golf or do yoga on the beach. You can also go to walk on the white sand beaches like Cala Salada or Talamanca.

You could also treat yourself to a spa day or visit museums to learn about history of Ibiza or go for a cinema. Of course bar hopping and clubs are always an option in Ibiza. 

SportsUSD ($)EURO (€)
🏋️Fitness Club, Monthly Fee for 1 Adult55.19$51.87 €
🎬Cinema ticket, 1 Seat10.92$10.26 €
🏓Tennis Court Rent, 1 Hour on Weekend24.26$11.8 €

Miscellaneous Expenses

Apart from rent, food, and utilities, you have to also budget for childcare services, education,  personal services.

👩‍🏫Preschool (or Kindergarten), Private, Monthly for 1 Child1069.16 $ 1,000 €
👩‍🎓International Primary School, Yearly for 1 Child  18175.81 $17,000 €
👩‍🍼Babysitting Services per day21.32 $20 €


Personal services like haircuts or massages usually cost between $30 to $100.
For women, the price might be higher. To get your nails done it usually costs around $40 to $75.

Also taking a trip within Spain or go to another country once or twice a month, will definitely add up in your monthly spending.

Traveling within Spain and Europe is generally cheaper compared to North America. Sometimes there are special deals where I have booked round-trip flights from Barcelona to Ibiza for just $12 or one-way tickets from Barcelona to Bergamo, Italy for only $5. Direct round-trip flights between major cities can be bought for less than $100.

Average Cost of Living In Ibiza: Monthly Budget 2024

Salaries & Financing prices

As you’re considering moving in Ibiza it’s important to note down your finances.  Expats in Ibiza earn double the median salary of the local people.

With the thriving tourism industry, there are plenty of job option available. And if you’re an investor or wants to have your own business, Ibiza has some amazing opportunity.

Average Monthly Net Salary, After Tax1,758.91$
Mortgage Interest Rate in Percentages for 20 Years Fixed-Rate, Yearly, Fixed-Rate3% c

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